Are townhomes a good investment?

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Any input on townhomes as an investment (most likely turning it into a rental after a year or so)? I'm looking in New Jersey relatively close to Philadelphia. There are a decent amount of townhomes available in the low 200 range and below while single family homes are scarce at the moment. I have been looking at the price history of them and for a majority of them they seem to never go up in value or loose they value compared to its original price when built. Obviously HOA fees can make or break a rental but besides that has anyone had experience with townhomes?